Time to Sell Your Queens, New York Restaurant?

Following years of sweat equity, you have decided to sell your Queens, New York restaurant

Considering starting a different eatery, moving, or maybe slowing down. Regardless of the reason, selling your Queens, New York restaurant can be way more complicated than you might think. This is because it takes careful preparation and a solid strategy to successfully get out with enough money for all the time you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either decide to hire a eatery broker to assist you in selling your Queens, New York restaurant or take on the task on your own. Whether considering selling your Queens, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Put Together all Business Documentation

This is a necessary first step to take when you commence the process of offering your Queens, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but the following is a list of some generalized documents you may be requierd to have on you:

• Gather your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group has the expertise to help you in the market for sale of your Queens, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a prospective buyer first day. But, you may want to have them ready because you will certainly require them during the sales process.

Also, putting together these documents lets you see your Queens, New York restaurant through the lens of a buyer. This provides you a clear image of the Queens, New York restaurant you're selling. Furthermore, it allows you to identify if there are any loopholes you'll need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Queens, New York restaurant. That’s why you should make an effort to make these documents accurate and organized.

Offering your financial documents to possible buyers may help clear any hesitations they may have regarding your Queens, New York restaurant.

The financial documents may include:

• Inventory of equipment and assets
• Profit and loss statements
• Tax records
• Cash transactions
• Bank statements

In addition, ensure you have duplicate copies of all of these records. This could make it easier for you to send the records to prospective buyers.

Likewise, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things could create legal issues for you if a buyer later on discovers these liabilities after closing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Queens, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Queens, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this will help them estimate the true value of the Queens, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow starting to sell your Queens, New York restaurant.

The average time it may take to sell a Queens, New York restaurant is 6 months. Within the six months, there are many things you can do in order to increase your profit and cut several costs, and thus strengthen the worth of your Queens, New York restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will help you in coming up with the overall worth of your Queens, New York restaurant. If you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Queens, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the overall aesthetic of your Queens, New York restaurant does not look good to buyers, they might pass over immediately.

To prevent this from happening, everything in and out of your Queens, New York restaurant must be cleaned and maintained. Manicured and a clean parking area can help create appeal for potential buyers.

Clean windows, polished handles and a neat floor are other simple items that can help create a unforgettable first impression.

Furthermore, you should ensure that all your equipment is in satisfactory condition. If your equipment is not working, it may convey the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial capabilities and production abilities. It can even lower the mood of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning buying your Queens, New York restaurant.

#7 Search for Queens Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Queens, New York restaurant broker to help. A professional Queens, New York restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this project alone, you will need to create proper advertising. You can list your Queens, New York restaurant on business websites and tell family and friends about your intentions to market for sale your Queens, New York restaurant.

As you will likely run across competition when trying to sell your Queens, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Queens, New York restaurant yourself, or with a a Queens, New York restaurant broker, you should always be ready. Be prepared to show your Queens, New York restaurant to prospective buyers at all times.

You will never know when a buyer could visit your Queens, New York restaurant. Some buyers may even come in as customers just to carry out some research before contacting you.

#9 Sell Your Queens, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the transaction. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details including the selling price of your Queens, New York restaurant, assets and equipment as well as inventory value.

Choosing a Queens, New York Restaurant Broker

While trying to sell your Queens, New York restaurant on your own can be an exciting project, it could also be very risky, especially for first-timers.

It's true, if you're looking to achieve the most out of the business deal, you need a higher level of experience to stand above and against your competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Queens, New York restaurant broker is needed. A Queens, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Queens, New York restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

With the assistance of a Queens, New York restaurant broker, you can maintain your undivided attention on operating your Queens, New York restaurant and rest assured knowing that a professional is in charge of selling your Queens, New York restaurant.

Contact a Queens, New York Restaurant Broker

Choosing to sell your Queens, New York restaurant through a Queens, New York restaurant broker has many advantages. First, however, you need to select the best Queens, New York restaurant broker to help you in selling your Queens, New York restaurant.

At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your Queens, New York restaurant. And, we work harder than any other Queens broker to secure the best deal for your restaurant and at the highest sale value.

Contact Corbett Restaurant Group today and let us help you sell your Queens, New York restaurant for a great price.

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